As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a crucial indicator of market health, currently standing at 2.71 months. This number represents the amount of time it would take for all current inventory to be sold at the current sales pace. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory has increased by 14.83%, indicating a shift towards a more balanced market. This change suggests that there may be more inventory available for buyers to choose from, potentially leading to more favorable conditions for buyers.
The Median Days Homes are On the Market is 16 days, indicating a fast-moving market where homes are selling quickly. This can be attributed to the low inventory levels and high demand for homes in the area.
The List to Sold Price Percentage is at 94.9%, showing that homes are typically selling very close to their listing price. This can be a helpful indicator for sellers looking to price their homes competitively in order to attract buyers.
Lastly, the Median Sold Price is $867,500, providing valuable information on the average price that homes are selling for in the market. This can be used by both buyers and sellers to gauge the overall market value of properties in the area.
By considering these metrics together, buyers and sellers can gain a better understanding of the current market conditions and make informed decisions when buying or selling a home.
If you have any questions and need help with market trends and updates, reach out to Jennifer Yoingco, REALTOR®, and her team in The Houston Suburb Group, so you can get ready to EXPERIENCE LIVING IN HOUSTON, TEXAS!
Jeanette San Luis is a blog contributor, a double degree major in BS Chemical Engineering and BS Nursing, and graduated Magna Cum Laude and Summa Cum Laude respectively. She has won numerous accolades and was named one of Houston Chronicles TOP 150 Outstanding Nurses in 2016 and 2019. In her dual role as a REALTOR®, she empathizes and understands the needs of her clients; therefore, you are in very good hands.
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